Simply taking a snapshot of 2011 doesn’t tell you much. The S&P 500 began the year around 1250 and finished the year at 1250, yet it was actually wild year, with an early surge, a deep summer swoon, and a fall rally.

For companies that chose to come public during such a rollercoaster year, timing is everything. Many 2011 IPOs firmly established themselves and are now trading well above their offering price. Yet many other companies were brought public at a time of high volatility, and they've never found their footing.

Here's a closer look at several 2011 IPOs that look undervalued.

Gevo, Solazyme and KiOR

These three companies — Gevo [ GEVO 6.08  -0.28 (-4.40%) ], Solazyme [ SZYM 9.92  -0.01 (-0.10%) ] and KiOR [ KIOR 10.87  +0.98 (+9.91%) ] — are looking to accomplish the same goal: convert biomass, plants and other abundant natural materials into energy sources that can be used in placed of crude oil. These are always tricky IPOs because the companies are often several years away from scaling up production and will likely need to keep raising money until they become financially self-sustaining.

More Top Stories

I Want Greece to Stay in the Euro: Merkel to CNBC

As One JPMorgan Trader Sold Risky Contracts, Another One Bought Them

What Happens When Greece's Money Runs Out?

Forget a 'Grexit.' Watch for a 'Grashall Plan': Analyst

Greek Bank Withdrawals Slowing Down: Source

More Top Stories